The Role of Technology in Long Term Care Insurance

Technology is a critical and inseparable part of healthcare. That’s also true for long term care, where technology is making it easier for individuals to stay independent and stay connected to loved ones. As a result, technology in Long Term Care Insurance (LTCI) is also moving forward, and the modern LTCI landscape represents one that allows policy-holders more options and more control.

In some ways, technological developments in LTCI simply represent improved convenience. For example, shopping for policies online from the comfort of your own home. Other technological advances are more profound and shape the way that policies are written in the first place.

Having a firm understanding of the role of technology in Long Term Care Insurance can help you make more informed decisions about your future. When you know which technologies represent boons–and which represent hazards–you can make the right LTCI choices to protect your health and your care.

How Technology is Helping Senior Care

When most people think of technology in healthcare or technology in Long Term Care Insurance, they’ll often imagine complex imaging machines or futuristic wonder drugs. And while innovation certainly occurs when it comes to medical technology and pharmaceutical treatments, much of the tech that impacts your day to day care is much less obvious. That’s certainly true in the field of senior care.

Some of the most common ways in which everyday and innovative technology alike is impacting senior care include the following:

It’s Easier to Stay Connected: Everyday technologies like video calls and text messages mean it’s easier for seniors and those who need long term care to stay connected to their social circles. This can be critical for their health, wellness, and mood. By the same token, this connectivity makes it easier for loved ones to check in and see how seniors are doing.

You Can Keep Your Brain Active: Finding mental stimulation may be as easy as loading an app on your phone or playing a game on a tablet. Simple games like Wordle or Words With Friends can help keep your brain interested and growing. This can help lower your risk of mental decline and mental illness.

It’s Easier to Keep Track of Your Health: Health monitoring devices mean you can have a much better sense of your health on a daily basis. In some cases, these devices may include your phone, your Apple Watch, or even a Fitbit. When a bit more detail is needed, specialized medical devices can track specific health functions and communicate that data wirelessly. And with patient portals, many seniors will have access to lab and test results quickly. This all helps you keep tabs on your overall wellness.

You Can Enjoy Greater Independence for Longer: Assistive technologies can help you stay in your home longer–and remain more independent while you can. There are certainly some technologies (such as grocery delivery services) that may seem trivial or even luxurious to a broad swatch of the public. But for seniors, these may represent a critical way to stay independent. Other technologies–such as fall detection in hearing aids–can help notify loved ones if a senior has a fall or other health condition. This helps keep seniors in their homes (where they tend to be happier) longer.
Telehealth: It’s easier than ever to meet with your physician–even from home. This means that seniors can see their physicians more often and with less hassle. Additionally, many physicians will charge reduced rates for telehealth visits compared to in-person visits, meaning that these video conference healthcare visits are less taxing financially, too.

This technology is primarily employed to help seniors continue aging in place (with the highest quality of life that can be achieved), even when they need long term care. Because these technologies are relatively novel, however, it’s worth examining how they might interact with your Long Term Care Insurance policy.

How Technology in Long Term Care Insurance is Used

The technology on the care side is always developing and innovating–but so too is the technology on the Long Term Care Insurance side of the equation. The purposes of these technological advances, however, are slightly different: they are designed to improve your financial security, your peace of mind, and your coverage options.

Some of these technologies include the following:

Data Analytics: With technology typically comes data! Long Term Care Insurance providers can take a look at a wide range of healthcare data, finding evidence for what works and what doesn’t. LTCI providers can encourage providers to emphasize proven, evidence-based care strategies and make sure that patients have access to the care they need.
Fraud Detection: Fraud can make LTCI more expensive for everyone–including policy-holders like you! That’s because providers must put resources into fraud prevention and mitigation. Using modern technologies to help limit fraud and identity theft can result in cost savings, improved policies, and better outcomes for those who need long term care.

In the Long Term Care Insurance field, experts must know how technology is used in care settings and in policy writing. This can help LTCI experts make sure they are getting the best possible outcomes for clients who are looking for policies.

Get Used to Technology

There are well-founded privacy concerns when it comes to the use of some technologies in the healthcare, long term care, and senior care fields. The more you know about how these technologies are used, the better you’ll be able to discern what you want, what meets your goals, and what will be beneficial in the long-term.

To better understand how technology might apply to your LTCI policy, talk to an expert at Gordon Associates Long Term Care Planning today!